Buy These 2 Beaten-Down Stocks Before They Rebound, Says Wells Fargo | latest news from nigerian newspapers today

Buy These 2 Beaten-Down Stocks Before They Rebound, Says Wells Fargo

As an indication of how the stock market has suffered so far this year, the 2022 selloff has been unlike anything seen for the last 80 years. While there have been a host of reasons for the market wide rout, the meltdown has been most acute amongst growth stocks.

As Wells Fargo’s Head of Equity Strategy Christopher Harvey puts it, “the sell-off is all about ‘growth’ — but not economic growth. Rather, it is about the growth style, the mispricing of duration, and risk appetite (or lack thereof).”

But given the huge compression in valuations, Harvey thinks that “in some cases Growth valuations quickly are becoming attractive.” In fact, Harvey believes many stocks aren’t likely to head much further down from here, anticipating a bottom will be found “between now and the early summer.”

Buy These 2 Beaten-Down Stocks Before They Rebound, Says Wells Fargo | latest news from nigerian newspapers today
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In the meantime, Harvey’s analyst colleagues at Wells Fargo have pinpointed two stocks which they see as now ready to push higher. Both have performed miserably so far this year – but Wells Fargo sees them moving up by at least 60% from here. We ran the names through the TipRanks database to get an idea of what the rest of Wall Street has in mind for these names. Here’s the lowdown.

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TELUS International (TIXT)

Let’s start off in the tech sector, with TELUS International. This Canadian company is a global provider of IT and customer services. For over 600 clients around the world, Telus designs and develops next-generation solutions that assist with companies’ digital transformations. These digital experiences range from AI and bots, platform transformation, big data, cloud contact center and UX/UI design; the distinctive solutions are delivered to clients in order to help them draw in and maintain customers.

The company went public just over a year ago – in February 2021 – with an upsized IPO of 42.55 million subordinate voting shares priced at $25 each. Gross proceeds reached $1.06 billion of which net proceeds to TELUS were roughly $490 million. The stock got off to a good start, rising throughout most of 2021, but like so many, the share price has pulled back significantly in recent times – since October’s peak, shares are down 46%.

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